SIMI VALLEY, Calif. — Griffin Living has opened the doors on Varenita of Simi Valley, an assisted living and memory care community in Simi Valley, approximately 40 miles northwest of Los Angeles. The 97,000-square-foot building, located in the Griffin Plaza shopping center at the corner of Tapo Canyon Road and Cochran Street, includes 75 assisted living units and 27 memory care units. The location of Varenita of Simi Valley represents a pioneering design in senior living development, since residents are within walking distance of amenities like Aldi supermarket, CVS pharmacy …
California
DUBLIN and NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community …
EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), an Eagle-based REIT, has agreed to transfer the operations of five senior living communities to affiliates of The Ensign Group Inc. The five communities are located in Washington, Arizona and California and are co-located with skilled nursing facilities already operated by affiliates of Ensign. The transaction is anticipated to occur across separate closings in the first half of 2022, subject to receipt of third-party approvals and other customary closing conditions. On the same day, Pennant Group announced that it has entered …
CHARLESTON, S.C. — Berkadia Seniors Housing & Healthcare has arranged $47 million in financing for five skilled nursing facilities across the country. Jay Healy secured the financing on behalf of multiple borrowers. In the first loan, Berkadia arranged the HUD refinancing of a 40-bed, Medicare-only skilled nursing facility in Sacramento. The $14.5 million, 48 percent loan-to-value financing retired the construction debt and covered transaction costs for the California-based client. The facility was constructed in June 2018, but did not receive its Medicare certification until August 2019. Occupancy at the time …
ENCINITAS, Calif. — Ware Malcomb has completed construction of Westmont of Encinitas, an assisted living community in the San Diego suburb of Encinitas. Ware Malcomb provided architectural services for the 91,334-square-foot project. The two-story building sits on 3.2 acres and features 93 units in studio, one- and two-bedroom options. Westmont Construction was the general contractor. Westmont Living is the operator.
Cadence Living, Flournoy Development, Harrison Street Break Ground on 80-Unit Community in Brea, California
BREA, Calif. — Cadence Living, Flournoy Development Group and Harrison Street have broken ground on Cadence Brea, an 80-unit assisted living and memory care in the Orange County city of Brea. The project team includes Thoma-Holec Design, Irwin Partners Architects and Flatiron Development Group. “This is a unique opportunity and part of our overall strategy to focus on boutique, high-end, amenity-laden communities with high walkability scores,“ says Rob Leinbach, principal with Cadence. “We are focused on locations with a high barrier to entry,” adds Justin Osborne, vice president at Flournoy …
FRESNO, Calif. — JCH has arranged the $6.4 million sale of a skilled nursing facility in Fresno. The seller was an owner-operator that needed assistance to continue operating. The buyer was a regional owner-operator. Further details were not disclosed.
Monticello Provides $89M Refinancing for 1,188-Bed Portfolio in California, Colorado, Iowa
NEW YORK CITY — Monticello and its affiliates have provided $89 million in first-lien debt financing for the refinancing of 10 skilled nursing facilities and one assisted living facility. Totaling 1,188 beds, the portfolio is located in California, Colorado and Iowa. Further details were not disclosed.
FRESNO, Calif. — JCH has arranged the sale of a skilled nursing facility in Fresno. An owner-operator sold the asset to a regional owner-operator for $6.4 million. The former tenant opted out of the property, and JCH also assisted in finding a new tenant. Cindy Hazzard and Jennifer Contreras of JCH handled the transaction process.
FOLSOM, Calif. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction on the …